Etherium has long suffered from high transaction fees, but in recent days that figure has dropped significantly amid a drop in DeFi transactions.
Commissions on the Etherium network have risen steadily since November 2020. It peaked on Feb. 23, when users paid an average of 373 Gwei per transaction, which is about $11.72 at current exchange rates. Since then, the average fee has dropped 65% to 131 Gwei, and at some points, it was even possible to pay less than 70 Gwei per transaction.
The decline in trading on decentralized exchanges (DEX) contributed to this. So, if on February 23 users of DEX made transactions for $4.35 billion, by March 3, the volume declined by about half.
Flipside Crypto analyst Connor Higgins said that there was significant volatility and a greatly increased number of transactions in the market on February 23, so the average fee of $11.72 is out of the picture, and now the fee is just coming back to normal.
And the commissions could be even lower, but in recent weeks the sector of collectible tokens (NFT) was on the rise. Transactions with them also load the network and maintain the size of commissions at a relatively high level.
It should be noted that ETH miners earned $1.37 billion in February, with commission income of $722.8 million exceeding block-mining income of $644.4 million.